Hidden Bibliographic Details
| Other authors / contributors: | Berkmen, Pelin, author.
International Monetary Fund. Western Hemisphere Department.
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| ISBN: | 1451918410
9781451918410
1462377955
9781462377954
9786612844676
6612844671
1282844679
9781282844674
1452773262
9781452773261
1451874251
9781451874259
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| Digital file characteristics: | text file
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| Notes: | Includes bibliographical references (page 16).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2011.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2011 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | We provide one of the first attempts at explaining the differences in the crisis impact across developing countries and emerging markets. Using cross-country regressions to explain the factors driving growth forecast revisions after the eruption of the global crisis, we find that a small set of variables explain a large share of the variation in growth revisions. Countries with more leveraged domestic financial systems and more rapid credit growth tended to suffer larger downward revisions to their growth outlooks. For emerging markets, this financial channel trumps the trade channel. For a broader set of developing countries, however, the trade channel seems to have mattered, with countries exporting more advanced manufacturing goods more affected than those exporting food. Exchange-rate flexibility clearly helped in buffering the impact of the shock. There is also some--weaker--evidence that countries with a stronger fiscal position prior to the crisis were hit less severely. We find little evidence for the importance of other policy variables.
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| Other form: | Print version: Global financial crisis. [Washington, D.C.] : International Monetary Fund, ©2009
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| Standard no.: | 10.5089/9781451918410.001
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